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Monday, 19 November 2012

Qatar Telecom Said to Seek Bank Proposals for $1 Billion Loan - Bloomberg

Qatar Telecom QSC (QTEL), the country’s biggest company by revenue, is seeking a syndicated loan for about $1 billion to refinance existing debt, according to a person with direct knowledge of the deal.
Qtel, as the Doha-based company is known, has requested proposals from banks for loans maturing in three, four and five years, the person said, who asked not to be identified as the terms are private.
Officials from the company did not immediately respond to an e-mailed request for comment.

Dubai balanced between miracle or mirage -

You feel it in the thickness of the traffic and in the bustle of the hotels and restaurants. You hear it in the rumours of the old guard re-emerging to lead the city’s growth again.
And, to the joy of some and the concern of others, you see it in a slew of announcements of new development projects. Not long ago down and out, Dubai is back, its confidence restored and its ambitions regained.

Sawiris-led Weather launches $5 bln claim against Algeria - Yahoo! News Maktoob

Weather Investments, chaired by Egyptian businessman Naguib Sawiris, has launched a $5 billion claim against Algeria for damage to its interest in local unit Djezzy.
Sawiris said on Monday that Algeria had "since 2008 pursued a campaign of interference and harassment which has cost Weather Investments over $5 billion in damages". He cited the attempted forced sale of all or part of Djezzy to the government.
Weather said its claim was registered with the International Centre for the Settlement of Investment Disputes (ICSID) - a member of the World Bank group.

MIDEAST STOCKS-Saudi heads Gulf slump as Gaza clashes weigh - Yahoo! News Maktoob

A sharp sell-off dragged Saudi Arabia's index to a five-week low on Monday and most other Middle East markets also fell as Israel-Palestine clashes extended into a sixth day.
The kingdom's market dropped 1.9 percent to its lowest close since Oct. 14.
Israel bombed dozens of suspected militant sites in the Hamas-ruled Gaza Strip on Monday and Palestinians kept up their cross-border rocket fire as international pressure for a truce intensified.

MENA stock markets close - November 19, 2012

 ExchangeStatus IndexChange  
 TASI (Saudi Stock Market)
 DFM (Dubai Financial Market)
 ADX (Abudhabi Securities Exchange)
 KSE (Kuwait Stock Exchange)
 BSE (Bahrain Stock Exchange)
 MSM (Muscat Securities Market)
 QE (Qatar Exchange)
 LSE (Beirut Stock Exchange)
 EGX 30 (Egypt Exchange)
 ASE (Amman Stock Exchange)
 TUNINDEX (Tunisia Stock Exchange)
 CB (Casablanca Stock Exchange)
 PSE (Palestine Securities Exchange)

Qatar extends investments with ‘Made in Italy’ joint venture, up to $2.5 billion - The Washington Post

An investment fund run by Qatar’s government says it will team with an Italian holding company to channel up to €2 billion ($2.5 billion) to traditional Italian industries, including fashion, food and furniture design.

Monday’s announcement of the four-year deal comes during a visit to Qatar by Italian Premier Mario Monti. It lists no specific companies for the new investments, but it deepens Italy’s commercial links for Qatar, which already controls the Italian fashion house Valentino.

Saudi Shares Head to 4-Month Low Amid King’s Health Speculation - Businessweek

Saudi Arabia’s benchmark stock index headed for the lowest close in four months amid speculation over the king’s health after he underwent back surgery, which the government said was successful.

Al Rajhi Bank (RJHI), the country’s biggest publicly traded lender, fell 1.8 percent to 68 riyals. Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker by market value, dropped 1.7 percent to 88.50 riyals. The Tadawul All Share Index slumped 1.7 percent to 6,652.73, set for the lowest since July 23, at 2:24 p.m. in Riyadh.

“Currently the rumor mill is recycling old stories about the king’s health,” Julian Bruce, the Dubai-based head of institutional trading at EFG-Hermes Holding SAE, said by e-mail. “All completely unsubstantiated, but it seems to have been enough to cause sellers to engage.”

Qatar Airways muscles in on Barça | beyondbrics

So, Qatar Airways will appear as the main logo on FC Barcelona’s shirts from next year, replacing the Qatar Foundation.

That means Doha’s state-run carrier will go head-to-head with Dubai’s Emirates, which sponsors Arsenal, and Abu Dhabi’s Etihad, which sponsors Manchester City, in yet another battle ground for regional aviation supremacy: football sponsorship.

Getting agreement to plaster Qatar Airways across Barcelona’s high-profile shirts is a financial coup for the airline, as Qatar’s abundant gas dollars entice Barça to overturn its historic eschewing of corporate sponsorship.

STOCKS NEWS MIDEAST-UAE mkts extend losses; Qatar up from 3-mth low - Yahoo! News Maktoob

Dubai's index slumps to a seven-week closing low and Abu Dhabi also falls as escalating violence in the Middle East spurs investors to reduce risk.
Israel bombed dozens of suspected guerrilla sites on the Gaza Strip on Monday, while Palestinian rocket fire from the enclave waned as international efforts to broker a truce intensified in the sixth day of clashes.
Investors fear the Israeli-Palestinian conflict may draw in other countries and possibly disrupt energy exports from the region, which supplies more than a third of the world's crude, driving oil prices higher.

Qatar ignoring its shareholder responsibility? |

Qatar is dodging its shareholder duty. The emirate successfully used its muscle to extract better terms from Glencore in the commodity trader’s union with miner Xstrata. But the decision to vote in favor of the merger while abstaining on a side vote on retention bonuses makes Qatar Holding seem inconsistent at best.
The Qataris own 12 percent of Xstrata. Their refusal to back golden handcuffs for Xstrata staff is a snub to the scale of the $220 million incentive plan, according to a person familiar with the situation. It isn’t a show of solidarity with big institutional shareholders that oppose retentions in principle. In announcing its voting intentions, Qatar explicitly recognised that “retaining Xstrata’s operational management is of critical importance to the successful and stable integration”.
In other words, Qatar clearly supports, and even expects, the new board of the enlarged miner to devise an alternative pay scheme or ad-hoc packages for key staff in due course. The Gulf state and Glencore boss, Ivan Glasenberg, together have over $10 billion invested in the success of the $80 billion merger. Neither can afford for top talent to disappear.

STOCKS NEWS MIDEAST-Saudi hovers at near 4-wk low; insurance stocks up - Yahoo! News Maktoob

Saudi Arabia's bourse trades near flat, hovering at Sunday's near four-week low with insurance stocks dominating trade as investors avoid riskier sectors like petrochemicals.
The kingdom's index eases 0.06 percent to 6,762 points, up 5.4 percent so far this year.
Insurance stocks rally with the sector's index up 2.2 percent, accounting for nearly half of the market's traded

Egypt's EFG Hermes 9M net profit falls 18.8 pct -bourse - Yahoo! News Maktoob

EFG Hermes, Egypt's biggest investment bank, reported an 18.8 percent decline in its net profit for the first nine months of 2012, the stock exchange said on Monday.
Consolidated net profit fell to 232.1 million Egyptian pounds ($38 million) from 286.0 million pounds in the first nine months of 2011.
The bank announced earlier this year it was planning a tie-up with Qatar's QInvest.

Abu Dhabi’s Invest AD Starts Middle East, Africa Bond Fund - Bloomberg

Invest AD, an Abu Dhabi-based asset manager, said it started a Middle East and Africa bond fund today with an initial capital of $25 million to tap high growth economies where companies can’t easily get bank loans.
The bond fund, the first of its kind at Invest AD, will primarily invest in U.S. dollar-denominated debt across the region, the fund’s manager, Dilawer Farazi, said in an interview in Abu Dhabi yesterday. Forty percent of the fund will be earmarked for sovereign and quasi-sovereign bonds while 60 percent will be invested in corporate bonds, Farazi said.

Goldman to buy warrants worth $40 million in Dubai firm | Reuters

Goldman Sachs Inc (GS.N) bought warrants worth 147 million dirhams ($40 million) in Dubai's Drake & Scull International DSI.DU, less than a week after helping arrange a loan facility for the contracting firm.

Drake, which specializes in mechanical, engineering and plumbing operations, said the "strategic" investment would represent about 8.5 percent of the company's current market capitalization.

The warrants mature in five years and can be exercised by Goldman any time after two years, Drake said in a statement on Monday, without revealing any pricing details.